Slide 1: Annual Results 2025
ANNUAL RESULTS 2025 1 RÉSULTATS ANNUELS GROUPE STEF - MARS 2026
Slide 2: Contents
CONTENTS 1 CHALLENGES AND OPPORTUNITIES OF THE YEAR 2 A MIXED PERFORMANCE 3 BUSINESS PERFORMANCE ANALYSIS 4 CONTRIBUTING TO A MORE SUSTAINABLE WORLD 5 PREPARING FOR THE FUTURE 6 APPENDICES ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 3: Challenges and Opportunities of the Year
1 CHALLENGES AND OPPORTUNITIES OF THE YEAR ANNUAL RESULTS STEF GROUP - MARCH 2026 RÉSULTATS SEMESTRIELS 2025 – 05/09/2025
Slide 4: A Challenging Economic Environment
A CHALLENGING ECONOMIC ENVIRONMENT Retail Two trends are emerging in the sector, particularly in France, Belgium and the Netherlands: • The consolidation of players • The revision of logistics networks | ANNUAL RESULTS STEF GROUP - MARCH 2026 4
Slide 5: A Year Affected by Exceptional Factors
A YEAR AFFECTED BY EXCEPTIONAL FACTORS Taxation • The tax surcharge in France amounts to €12 million in 2025 and will be renewed in 2026 • The exceptional VAT adjustment in Italy impacted the operating profit by €29 million | ANNUAL RESULTS STEF GROUP - MARCH 2026 5
Slide 6: Complex Integration Projects
COMPLEX INTEGRATION PROJECTS Integration The transformational acquisitions carried out in Belgium and the Netherlands are part of a long- term strategy: • Slower integration pace than expected • Significant scope of work required to harmonise processes and tools | ANNUAL RESULTS STEF GROUP - MARCH 2
Slide 7: A New Ambition in Switzerland
A NEW AMBITION IN SWITZERLAND The acquisition of Christian Cavegn AG strengthens STEF’s position in the Swiss market • €20m contribution to the turnover in 2025 Mettre la photo d’un conducteur • 450 employees caveign devant un site STEF (cf. Laure) • 400 vehicles Möhlin Basel Kloten Gossau Schafishe
Slide 8: A Mixed Performance
2 A MIXED PERFORMANCE 8 2 PERFORMANCE FINANCIÈRE ANNUAL RESULTS STEF GROUP - MARCH 2026 RÉSULTATS SEMESTRIELS 2025 – 05/09/2025
Slide 9: A Turnover Target Met a Year Ahead of Schedule
A TURNOVER TARGET MET A YEAR AHEAD OF SCHEDULE +6.6% +4.7% like-for-like €92m €82m €144m €4,801m €5,119m 2024 Organic Change Sales of goods 2025 growth in scope and others | ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 10: A Decline in Operating Profit Due to Several Adverse Events
A DECLINE IN OPERATING PROFIT DUE TO SEVERAL ADVERSE EVENTS Change in current operational income -€23.6m Otheroperating income and expenses -€31.8m €228.4m 201 M€ €173.0m Operating income Operating income 2024 2025 | ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 11: Non-Recurring Items Affected by an Exceptional VAT Adjustment
NON-RECURRING ITEMS AFFECTED BY AN EXCEPTIONAL VAT ADJUSTMENT €m 2024 2025 Gains on real estate asset and branch sales 2.7 1.7 Gains on vehicle sales 4.9 4.0 Others (3.4) (33.3) Other operating income and expenses 4.2 (27.6) | ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 12: Disciplined Financial Outcome
DISCIPLINED FINANCIAL OUTCOME €m 2024 2025 Financial incomes 1.9 2.2 Financial expenses (41.7) (42.5) Financial result (39.8) (40.3) 2024 2025 Average EURIBOR 3M 3.6% 2.2% Net debt end of period (€m) 1,340 1,533 Average cost of the financial debt 3.3% 2.9% | ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 13: A Sharp Increase in the Tax Rate
A SHARP INCREASE IN THE TAX RATE DESPITE A SIGNIFICANT DECLINE IN THE TAX BASE +16.3 pts +7.4 pts €55.3m +8.9 pts €47.8m 41.7% 25.4% Tax rate on pre-tax Corporate tax Italy effect Tax rate on pre-tax profit for 2024 surcharge in France + Others profit for 2025 | ANNUAL RESULTS STEF GROUP - MARCH 202
Slide 14: Net Result Below Normal Performance Levels
NET RESULT BELOW NORMAL PERFORMANCE LEVELS -46% -€23.5m -€31,8m -€0,5m -€7.5m -€1m €157m -€8.5m €84m 2024 Current Other operating Financial Corporate Equity method Discontinued 2025 operating income income and result tax and minority operations Net result expenses interests Net result (Group share)
Slide 15: Investments & Financial Debt
INVESTMENTS & FINANCIAL DEBT Investments Net debt €1,533m €447m €1,340m Lease debt €312m €372m Lease debt €323m CAPEX €348m Net debt CAPEX Net debt excl. IFRS 16 €299m excl. IFRS 16 €1,221m €1,017m Ext. growth Ext. growth & others & others €99m €73m 2024 2025 31/12/2024 31/12/2025 | ANNUAL RESULTS S
Slide 16: A Distribution Policy That Demonstrates the Group's Confidence
A DISTRIBUTION POLICY THAT DEMONSTRATES THE GROUP’S CONFIDENCE IN THE FUTURE Proposal to pay a dividend of €2.70 per share, subject to approval by the General shareholders’ meeting 40% of net profit will be distributed as dividends to shareholders | ANNUAL RESULTS STEF GROUP - MARCH 2026 16
Slide 17: Business Performance Analysis
3 BUSINESS PERFORMANCE ANALYSIS ANNUAL RESULTS STEF GROUP - MARCH 2026 RÉSULTATS SEMESTRIELS 2025 – 05/09/2025
Slide 18: Contrast Between Sales Dynamic and Performance
CONTRAST BETWEEN SALES DYNAMIC AND PERFORMANCE • Food consumption in Europe remains fairly resilient, around 1.4%, with three distinct market realities • The international share of turnover continues to grow and reaches 45% of total turnover • Turnover in France increases by 2.5%, driven by strong r
Slide 19: France Activities
FRANCE • The performance of the Chilled Flow ACTIVITIES Business Unit remains stable, with flat turnover TURNOVER OPERATING INCOME • The Foodservice business maintains its +2.5% profitability despite a complex market while continuing its investments to support growth • The outsourced industrial logi
Slide 20: International Activities
INTERNATIONAL ACTIVITIES • Performance in Spain and Portugal remains stable, driven by strong commercial momentum TURNOVER OPERATING INCOME +9.7% -70% • Activity in Switzerland continues to grow, +4.5% like-for-like notably thanks to a major Frozen food project and the integration of Christian Caveg
Slide 21: Integrations That Strengthen STEF's Market Leadership in Europe
INTEGRATIONS THAT STRENGTHEN STEF’S MARKET LEADERSHIP IN EUROPE The latest acquisitions have contributed to a significant 2023 transformation of the Group TransWest (Belgique) + €420m + 3,000 + 26 2024 warehouses and turnover* employees* Montfrisa (Espagne) depots* Long Lane Deliveries (Royaume-Uni)
Slide 22: Contributing to a More Sustainable World
4 CONTRIBUTING TO A MORE SUSTAINABLE WORLD ANNUAL RESULTS STEF GROUP - MARCH 2026 RÉSULTATS SEMESTRIELS 2025 – 05/09/2025
Slide 23: Key 2025 Advancements
KEY 2025 ADVANCEMENTS Objective no. 1 Objective no. 2 Objective no. 3 Objective no. 3 Reducing GHG 100% low-carbon Support our Training and raising emissions from our energy in our buildings subcontractors the awareness of our vehicles by 30% 7.9% reduction in CO₂e teams €85 million invested in Over
Slide 24: Preparing for the Future
5 PREPARING FOR THE FUTURE 4 PERSPECTIVES ANNUAL RESULTS STEF GROUP - MARCH 2026 RÉSULTATS SEMESTRIELS 2025 – 05/09/2025
Slide 25: The Beginning of a New Cycle
THE BEGINNING OF A NEW CYCLE • A return to more normalised results is expected from 2026, despite ongoing headwinds that will continue to impact performance • Priority given to integrating acquired companies • A new organisational structure has been put in place to effectively support strategic orie
Slide 26: Financial Calendar
FINANCIAL CALENDAR TURNOVER 1st QUARTER 2026 23 April 2026 before trading TURNOVER 2nd QUARTER 2026 23 July 2026 end of trading HALF-YEAR RESULTS 2026 3 September 2026 end of trading Présentation: 4 September 2026 TRUNOVER 3rd QUARTER 2026 22 October 2026 end of trading | ANNUAL RESULTS STEF GROUP -
Slide 27: Questions
QUESTIONS ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 28: Appendices
6 APPENDICES ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 29: Simplified Income Statement
SIMPLIFIED INCOME STATEMENT €m 2024 2025 Change 24/25 Change 24/25 in €m in % Turnover 4,800.8 5,119.5 318.7 7% Turnover excl. Third-party sales 4,213.0 4,447.2 234.2 6% Current EBIT 224.2 200.6 (23.6) (11%) Other operating income and expenses 4.2 (27.6) (31.8) EBIT 228.4 173.0 (55.4) (24%) Financia
Slide 30: EBIT
EBIT €m 2024 2025 Change 24/25 Change 24/25 in €m in % Turnover 4,800.8 5,119.5 318.7 7% Purchases from third parties (2,933.8) (3,141.9) (208.1) 7% Taxes (57.5) (70.9) (13.4) 23% Payroll expenses (1,339.3) (1,438.0) (98.7) 7% Depreciations and amortisations (241.3) (267.8) (26.5) 11% Net reversal o
Slide 31: Cash Flow
CASH FLOW €m 2024 2025 Self-financing 399.0 341.3 Change in working capital (1.7) (36.5) Net investment program (447.4) (371.6) Free cash flow (50.1) (66.7) Capital increase (and share buyback) 0.5 0.3 Dividends (63.9) (52.5) Other cash flows (181.4) (73.9) Net debt at closing (1,340.4) (1,533.2) |
Slide 32: Net Investment Program
NET INVESTMENT PROGRAM €m 2024 2025 Investments in tangible and intangible assets (355.3) (306.9) Net financial investments (102.9) (77.1) Sales of assets 7.3 7.8 Other 3.5 4.6 Total (447.4) (371.6) | ANNUAL RESULTS STEF GROUP - MARCH 2026
Slide 33: Balance Sheet
BALANCE SHEET €m 31/12/2024 31/12/2025 Goodwill 390.4 455.1 Property, plant and equipement 2,252.4 2,365.6 Other non-current assets and fixed assets 139.5 152.8 Total non-current and financial assets 2,782.3 2,973.5 Net working capital requirement (31.4) 5.4 Total assets (net) 2,750.9 2,978.9 Equity
Slide 34: Evolution of the Volume of Sales in the Food Retail Trade
EVOLUTION OF THE VOLUME OF SALES (TURNOVER) IN THE FOOD RETAIL TRADE 2024 2025 Euro zone +0.5% +1.5% Belgium -0.7% -1.3% Spain +1.3% +4.1% France +1.3% +1.8% Italy -1.0% -0.5% Netherlands -3.7% -0.7% Portugal +5.0% +5.1% Switzerland +0.4% +0.3% United Kingdom -1.6% +0.6% Source: Eurostat,as of 24/02
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